Energy bills to continue growing for the next 17 years, spending watchdog warns
The latest round of above-inflation energy increases in energy bills will by no means be the last, the Whitehall’s spending watchdog warning that this year-to-year process is likely to continue for the next 17 years.
According to a news report on the matter, the National Audit Office (NAO) estimated that the average real-terms increase in household energy bills could reach 18% between now and 2030.
Most of these hikes will be brought about by the need to invest in the energy infrastructure. In fact, the Treasury estimates that at least two-thirds of the £310bn of planned infrastructure investment over the next decade and beyond will come from private companies, ultimately paid for by consumers.
“High levels of expected new investment in infrastructure mean that energy and water bills may rise significantly from current levels. This is likely to hit those households with incomes in the lowest 10% particularly hard.
“The available projections suggest that increases in both energy and water bills will continue to outstrip inflation, on average, up to 2030. This is particularly concerning, given that energy and water bills have increased significantly in recent years, while incomes have not” the National Audit Office (NAO) representatives said in a statement.
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